QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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(State or Other Jurisdiction of Incorporation)
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(I.R.S. Employer Identification Number)
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(Address of Principal Executive Offices)
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(Registrant’s Area Code and Telephone Number)
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Title of each class
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Trading symbol
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Name of exchange on which registered
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Accelerated filer ☐
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Non-accelerated filer ☐
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Smaller reporting company
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Emerging growth company
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Page Number
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||||
October 1, 2022
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December 31, 2021
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|||||||
(Unaudited)
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||||||||
Assets
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||||||||
Current assets:
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||||||||
Cash and cash equivalents
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$
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$
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||||
Short-term investments
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||||||
Accounts receivable, net
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||||||
Inventories:
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||||||||
Finished goods
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||||||
Work in process
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Raw materials
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Total inventories
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Prepaid expenses and other current assets
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Total current assets
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Property and equipment, at cost:
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Land
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||||||
Buildings and improvements
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Machinery and equipment
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||||||
Construction in progress
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Allowance for depreciation
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(
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)
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(
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)
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||||
Property and equipment, net
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||||||
Right of use assets
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||||||
Deferred income taxes |
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Goodwill
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||||||
Other intangible assets, net
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Other assets
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||||||
Total assets
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$
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$
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October 1, 2022
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December 31, 2021
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|||||||
(Unaudited)
|
||||||||
Liabilities and equity
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||||||||
Current liabilities:
|
||||||||
Trade accounts payable
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$
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$
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||||
Payroll and related expenses
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||||||
Lease liabilities
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||||||
Other accrued expenses
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||||||
Income taxes
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||||||
Total current liabilities
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||||||
Long-term debt less current portion
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||||||
U.S. transition tax payable
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||||||
Deferred income taxes
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||||||
Long-term lease liabilities
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||||||
Other liabilities
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||||||
Accrued pension and other postretirement costs
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||||||
Total liabilities
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||||||
Equity:
|
||||||||
Vishay stockholders' equity
|
||||||||
Common stock
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|
|
||||||
Class B convertible common stock
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||||||
Capital in excess of par value
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||||||
Retained earnings
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||||||
Treasury stock (at cost) |
( |
) | ||||||
Accumulated other comprehensive income (loss)
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(
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)
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(
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)
|
||||
Total Vishay stockholders' equity
|
|
|
||||||
Noncontrolling interests
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|
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||||||
Total equity
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||||||
Total liabilities and equity
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$
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$
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Fiscal quarters ended
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||||||||
October 1, 2022
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October 2, 2021
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|||||||
Net revenues
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$
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$
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|
||||
Costs of products sold
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|
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||||||
Gross profit
|
|
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||||||
Selling, general, and administrative expenses
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||||||
Operating income
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||||||
Other income (expense):
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||||||||
Interest expense
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(
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)
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(
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)
|
||||
Other
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(
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)
|
|||||
Total other income (expense)
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(
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)
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(
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)
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||||
Income before taxes
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||||||
Income tax expense
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|
||||||
Net earnings
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|
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||||||
Less: net earnings attributable to noncontrolling interests
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|
|
||||||
Net earnings attributable to Vishay stockholders
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$
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$
|
|
||||
Basic earnings per share attributable to Vishay stockholders
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$
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$
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|
||||
Diluted earnings per share attributable to Vishay stockholders
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$
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$
|
|
||||
Weighted average shares outstanding - basic
|
|
|
||||||
Weighted average shares outstanding - diluted
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|
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||||||
Cash dividends per share
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$
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$
|
|
Fiscal quarters ended
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||||||||
October 1, 2022
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October 2, 2021
|
|||||||
Net earnings
|
$
|
|
$
|
|
||||
Other comprehensive income (loss), net of tax
|
||||||||
Pension and other post-retirement actuarial items
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|
|
||||||
Foreign currency translation adjustment
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(
|
)
|
(
|
)
|
||||
Other comprehensive income (loss)
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(
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)
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(
|
)
|
||||
Comprehensive income
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|
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||||||
Less: comprehensive income attributable to noncontrolling interests
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|
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||||||
Comprehensive income attributable to Vishay stockholders
|
$
|
|
$
|
|
Nine fiscal months ended
|
||||||||
October 1, 2022
|
October 2, 2021
|
|||||||
Net revenues
|
$
|
|
$
|
|
||||
Costs of products sold
|
|
|
||||||
Gross profit
|
|
|
||||||
Selling, general, and administrative expenses
|
|
|
||||||
Operating income
|
|
|
||||||
Other income (expense):
|
||||||||
Interest expense
|
(
|
)
|
(
|
)
|
||||
Other
|
(
|
)
|
(
|
)
|
||||
Total other income (expense)
|
(
|
)
|
(
|
)
|
||||
Income before taxes
|
|
|
||||||
Income tax expense
|
|
|
||||||
Net earnings
|
|
|
||||||
Less: net earnings attributable to noncontrolling interests
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|
|
||||||
Net earnings attributable to Vishay stockholders
|
$
|
|
$
|
|
||||
Basic earnings per share attributable to Vishay stockholders
|
$
|
|
$
|
|
||||
Diluted earnings per share attributable to Vishay stockholders
|
$
|
|
$
|
|
||||
Weighted average shares outstanding - basic
|
|
|
||||||
Weighted average shares outstanding - diluted
|
|
|
||||||
Cash dividends per share
|
$
|
|
$
|
|
Nine fiscal months ended
|
||||||||
October 1, 2022
|
October 2, 2021
|
|||||||
Net earnings
|
$
|
|
$
|
|
||||
Other comprehensive income (loss), net of tax
|
||||||||
Pension and other post-retirement actuarial items
|
|
|
||||||
Foreign currency translation adjustment
|
(
|
)
|
(
|
)
|
||||
Other comprehensive income (loss)
|
(
|
)
|
(
|
)
|
||||
Comprehensive income
|
|
|
||||||
Less: comprehensive income attributable to noncontrolling interests
|
|
|
||||||
Comprehensive income attributable to Vishay stockholders
|
$
|
|
$
|
|
Nine fiscal months ended
|
||||||||
October 1, 2022
|
October 2, 2021
|
|||||||
Operating activities
|
||||||||
Net earnings
|
$
|
|
$
|
|
||||
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
|
|
||||||
(Gain) loss on disposal of property and equipment
|
(
|
)
|
(
|
)
|
||||
Inventory write-offs for obsolescence
|
|
|
||||||
Deferred income taxes
|
|
(
|
)
|
|||||
Other
|
|
|
||||||
Change in U.S. transition tax liability |
( |
) | ( |
) | ||||
Change in repatriation tax liability |
( |
) | ||||||
Net change in operating assets and liabilities
|
(
|
)
|
(
|
)
|
||||
Net cash provided by operating activities
|
|
|
||||||
Investing activities
|
||||||||
Capital expenditures
|
(
|
)
|
(
|
)
|
||||
Proceeds from sale of property and equipment
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|
|
||||||
Purchase of short-term investments
|
(
|
)
|
(
|
)
|
||||
Maturity of short-term investments
|
|
|
||||||
Other investing activities
|
(
|
)
|
|
|||||
Net cash used in investing activities
|
(
|
)
|
(
|
)
|
||||
Financing activities
|
||||||||
Repurchase of convertible debt instruments
|
|
(
|
)
|
|||||
Dividends paid to common stockholders
|
(
|
)
|
(
|
)
|
||||
Dividends paid to Class B common stockholders
|
(
|
)
|
(
|
)
|
||||
Repurchase of common stock held in treasury
|
( |
) | ||||||
Distributions to noncontrolling interests |
( |
) | ( |
) | ||||
Cash withholding taxes paid when shares withheld for vested equity awards
|
(
|
)
|
(
|
)
|
||||
Net cash used in financing activities
|
(
|
)
|
(
|
)
|
||||
Effect of exchange rate changes on cash and cash equivalents
|
(
|
)
|
(
|
)
|
||||
Net increase (decrease) in cash and cash equivalents
|
(
|
)
|
|
|||||
Cash and cash equivalents at beginning of period
|
|
|
||||||
Cash and cash equivalents at end of period
|
$
|
|
$
|
|
Common
Stock
|
Class B
Convertible
Common
Stock
|
Capital in
Excess of Par
Value
|
Retained
Earnings
(Accumulated
Deficit)
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Total Vishay
Stockholders'
Equity
|
Noncontrolling
Interests
|
Total
Equity
|
|||||||||||||||||||||||||
Balance at December 31, 2020
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|
$
|
|
$
|
|
$
|
|
|||||||||||||||
Cumulative effect of accounting change for adoption of ASU 2020-06
|
|
|
(
|
|
|
|
(
|
)
|
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(
|
)
|
|||||||||||||||||||||
Net earnings
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Other comprehensive income (loss)
|
|
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units (
|
|
|
(
|
)
|
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||
Dividends declared ($
|
|
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||
Stock compensation expense
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Balance at April 3, 2021
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
|||||||||||||||
Net earnings
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Other comprehensive income
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Distributions to noncontrolling interests
|
|
|
|
|
|
|
(
|
)
|
(
|
)
|
||||||||||||||||||||||
Dividends declared ($
|
|
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||
Stock compensation expense
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Balance at July 3, 2021
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
|||||||||||||||
Net earnings
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Other comprehensive income (loss)
|
|
|
|
|
(
|
(
|
|
(
|
||||||||||||||||||||||||
Dividends declared ($
|
|
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||
Stock compensation expense
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Balance at October 2, 2021
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
Common
Stock
|
Class B
Convertible
Common
Stock
|
Capital in
Excess of Par
Value
|
Retained
Earnings
(Accumulated
Deficit)
|
Treasury Stock |
Accumulated
Other
Comprehensive
Income (Loss)
|
Total Vishay
Stockholders'
Equity
|
Noncontrolling
Interests
|
Total
Equity
|
||||||||||||||||||||||||||||
Balance at December 31, 2021
|
$
|
|
$
|
|
$
|
|
$
|
|
$ |
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
Net earnings
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Other comprehensive income (loss)
|
|
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units (
|
|
|
(
|
)
|
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||||||
Dividends declared ($
|
|
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||||||
Stock compensation expense
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Repurchase of common stock held in treasury ( |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Balance at April 2, 2022
|
$ | ( |
) | ( |
) | |||||||||||||||||||||||||||||||
Net earnings
|
||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss)
|
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Distributions to noncontrolling interests
|
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units ( |
( |
) | ||||||||||||||||||||||||||||||||||
Dividends declared ($
|
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Stock compensation expense
|
||||||||||||||||||||||||||||||||||||
Repurchase of common stock held in treasury ( |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Balance at July 2, 2022 | $ | ( |
) | ( |
) | |||||||||||||||||||||||||||||||
Net earnings
|
||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss)
|
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Distributions to noncontrolling interests |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Dividends declared ($
|
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Stock compensation expense
|
||||||||||||||||||||||||||||||||||||
Repurchase of common stock held in treasury ( |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Balance at October 1, 2022 |
$ | ( |
) | ( |
) |
October 1, 2022
|
December 31, 2021
|
|||||||
Right of use assets
|
||||||||
Operating Leases
|
||||||||
Buildings and improvements
|
$
|
|
$
|
|
||||
Machinery and equipment
|
|
|
||||||
Total
|
$
|
|
$
|
|
||||
Current lease liabilities
|
||||||||
Operating Leases
|
||||||||
Buildings and improvements
|
$
|
|
$
|
|
||||
Machinery and equipment
|
|
|
||||||
Total
|
$
|
|
$
|
|
||||
Long-term lease liabilities
|
||||||||
Operating Leases
|
||||||||
Buildings and improvements
|
$
|
|
$
|
|
||||
Machinery and equipment
|
|
|
||||||
Total
|
$
|
|
$
|
|
||||
Total lease liabilities
|
$
|
|
$
|
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||
October 1, 2022
|
October 2, 2021
|
October 1, 2022
|
October 2, 2021
|
|||||||||||||
Lease expense
|
||||||||||||||||
Operating lease expense
|
$
|
|